Mideast Stocks: Saudi and Qatar rise, other Gulf indexes muted

Qatar extends gains on petrochem stocks

  
A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

REUTERS/Faisal Al Nasser

The Saudi and Qatari indexes finished higher on Sunday, buoyed by petrochemical and financial stocks, while other major Gulf indexes declined.

Saudi Arabia's benchmark index closed up 0.7%, ending four consecutive sessions of losses, with Saudi Basic Industries Corporation rising 2.5% and Market Heavyweight Al Rajhi Bank advancing 0.7%.

The Qatari index added 0.7%, extending gains for a third consecutive day, helped by a 2.1% rise in petrochemical firm Industries Qatar and a 2.3% leap in Mesaieed Petrochemical.

The Abu Dhabi index retreated 0.3%, after three sessions of gains, as market heavyweight First Abu Dhabi Bank lost 0.8% and Emirates Telecommunications Group dropped 1.2%.

Dubai's index was also down 0.3%, with developer Emaar Properties and its shopping centre unit Emaar Malls shedding 1.2% and 1.6% respectively. After the market close, Emaar Malls said its chairman and board member Mohamed Al Hussaini has resigned from the company.

In March, Emaar Properties announced a plan to buy out minority shareholders of Emaar Malls and delist the business by year-end. 

Separately, United Arab Emirates Prime Minister and Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum announced ministerial changes on Saturday, including new finance and environment ministers. 

Sheikh Mohammed announced the reshuffle as part of a new government strategy aimed at expediting change through "transformational projects" in the Emirates.

Outside the Gulf, Egypt's blue-chip index finished 0.1% higher, with cigarette maker Eastern Company climbing 3.1%.

(Reporting by Shamsuddin Mohd in Bengaluru; Editing by Pravin Char) ((shamsuddin.mohd@thomsonreuters.com; +918067497252;))


More From Equities